Kraken has had a tough time with the United States regulatory agencies. Despite the difficult environment, the crypto exchange is planning to roll out its own bank.
Marco Santori, Kraken’s chief legal officer, revealed Kraken Bank is very much on track to launch.
Kraken Bank
According to Kraken Support, the offering will initially be available to the existing clients of the exchange in the US. Potential international expansion is also in the cards.
Its official website states that Kraken Bank will be based on the Wyoming SPDI framework allowing it to “prioritize asset custody and safekeeping, data protection, security standards, and stringent regulatory oversight.”
It further explained that SPDI banks are required to maintain full reserves, which means user funds won’t be lent out without their permission. This is a major bone of contention that has gained much prominence, especially after the dramatic collapse of FTX, which allegedly misappropriated customer deposits to benefi
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